Chipotle price target lowered to $52 from $59 at Piper Sandler

Piper Sandler lowered the firm’s price target on Chipotle (CMG) to $52 from $59 and keeps a Neutral rating on the shares following quarterly results. The firm notes that for the quarter, same-store sales were down 0.4%, which while below consensus, was largely expected by the investment community. In the release and on the call, management spoke to a slowdown in consumer spending, which it first observed in February, and which has carried into the April quarter-to-date time period.